REGISTERED NUMBER: SC039171 (Scotland)

Financial Statements

for the Year Ended 31 August 2025

for

James Cowie & Co. Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

M Carney

A Gilmurray

REGISTERED OFFICE:

Whistleberry Industrial Estate

Hamilton

Lanarkshire

ML3 0ED

REGISTERED NUMBER:

SC039171 (Scotland)

AUDITORS:

O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

FIXED ASSETS

Property, plant and equipment

3

248,305

268,640

Investments

4

1,267,978

1,267,978

1,516,283

1,536,618

CURRENT ASSETS

Inventories

10,603

21,675

Debtors

5

1,356,933

1,325,544

Cash at bank

1,440,460

1,489,909

2,807,996

2,837,128

CREDITORS

Amounts falling due within one year

6

1,497,083

1,423,611

NET CURRENT ASSETS

1,310,913

1,413,517

TOTAL ASSETS LESS CURRENT LIABILITIES

2,827,196

2,950,135

CREDITORS

Amounts falling due after more than one year

7

(62,580

)

(107,425

)

PROVISIONS FOR LIABILITIES

(42,579

)

(42,101

)

NET ASSETS

2,722,037

2,800,609

CAPITAL AND RESERVES

Called up share capital

9

100,000

100,000

Share premium

2,500

2,500

Capital redemption reserve

1,250

1,250

Retained earnings

2,618,287

2,696,859

SHAREHOLDERS' FUNDS

2,722,037

2,800,609

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 May 2026 and were signed on its behalf by:

M Carney - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Consolidated financial statements

The financial statements contain information about James Cowie & Co limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred virtue of section 398 of the Companies Act 2006 as the group it heads qualifies as a medium group.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Sales and purchases between related parties are made at normal market prices. Outstanding balances with related entities due less than one year are interest free as these are balances arising as a result of trading.

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as a fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-The company has transferred the significant risks and rewards of ownership to the buyer.

-The company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over goods sold.

-The amount of revenue can be measured reliably.

-It is probable that the company will receive the consideration due under the transaction.

-The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-The amount of revenue can be measured reliably.

-It is probable that the company will receive the consideration due under the contract.

-The stage of completion of the contract at the end of the reporting period can be measured reliably.

-The costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Long leasehold

-

4% on cost

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

Straight line over 5 years

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Inventories

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Assets obtained under the hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Operating leases- the company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Holiday pay accrual

A liability is recognised to the extent of any used holiday pay entitlement which is accrued at the balance sheet and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet.

Impairment of fixed assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year) including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an outright short term loan that is not at market rate, the financial asset or liability is measured, initially at the present rate of future cash flows discounted at market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. if objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net bassi or to realise the asset and settle the liability simultaneously.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Judgements in applying accounting policies

Determine whether leases entered into by the company as a lessee are operating or finance leases. In making these decisions an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee are considered on a lease by lease basis.

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Bad debts are considered by assessment of the debtors listing, with debts provided for on a specific basis. Factors considered include customer payment history and agreed credit terms.

Contract costs are monitored throughout the course of a contract by internal surveyors tracking all labour, material and other direct costs related to the contract. The value of turnover on the contract is estimated based on the stage of completion.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 48 (2024 - 47 ) .

3.	PROPERTY, PLANT AND EQUIPMENT

Long

Plant and

Motor

leasehold

machinery

vehicles

Totals

£

£

£

£

COST

At 1 September 2024

415,919

866,217

349,822

1,631,958

Additions

14,248

-

28,900

43,148

Disposals

-

-

(18,700

)

(18,700

)

At 31 August 2025

430,167

866,217

360,022

1,656,406

DEPRECIATION

At 1 September 2024

415,919

712,450

234,949

1,363,318

Charge for year

99

23,636

37,878

61,613

Eliminated on disposal

-

-

(16,830

)

(16,830

)

At 31 August 2025

416,018

736,086

255,997

1,408,101

NET BOOK VALUE

At 31 August 2025

14,149

130,131

104,025

248,305

At 31 August 2024

-

153,767

114,873

268,640

4.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2024

and 31 August 2025

1,267,978

NET BOOK VALUE

At 31 August 2025

1,267,978

At 31 August 2024

1,267,978

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

754,604

560,997

Amounts recoverable on contract

167,804

355,772

Other debtors

434,525

408,775

1,356,933

1,325,544

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

44,409

44,409

Trade creditors

512,653

740,138

Taxation and social security

392,820

355,455

Other creditors

547,201

283,609

1,497,083

1,423,611

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 8)

62,580

107,425

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

44,409

44,409

Between one and five years

62,580

107,425

106,989

151,834

Non-cancellable

operating leases

2025

2024

£

£

Within one year

1,290

1,418

Between one and five years

968

2,258

2,258

3,676

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

100,000

Ordinary

£1.00

100,000

100,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John O'Hara CA (Senior Statutory Auditor)

for and on behalf of O'Haras Accountants Limited (Statutory Auditor)

11.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension charge of £62,330 (2024: £61,900) represents contributions payable by the company to the fund.

At the year end there were outstanding pension creditors of £7,485 (2024: £8,538)

12.	CONTINGENT LIABILITIES

The James Cowie Group of companies has an intercompany guarantee over all bank borrowings with the group bankers. At the year end liabilities covered by these guarantees outside James Cowie & Co Limited totalled £nil (2024: £nil)

13.	ULTIMATE CONTROLLING PARTY

The company is a subsidiary of James Cowie Group Limited, which is the ultimate parent company incorporated in the United Kingdom.

James Cowie & Co limited is exempt from preparing consolidated financial statements by virtue of section 398 of the Companies Act 2006 as the group it heads qualifies as a small group. The financial statements therefore present information about the company as an individual undertaking and not about the group.